Fitch rates Mattel notes B+

Fitch Ratings said it assigned a B+/RR2 rating to Mattel, Inc.'s $250 million senior notes due 2027.

The outlook is negative.

The notes will be guaranteed on a senior unsecured basis by all of Mattel's existing and, subject to certain exceptions, future wholly owned domestic restricted subsidiaries that are borrowers or guarantors under the company's senior secured revolving credit facilities.

Net proceeds from the offering, plus cash on hand, will be used to fully redeem the company's $250 million of 4.35% senior notes due 2020.

Mattel's B- issuer default rating and negative outlook reflect execution risk in stabilizing revenue and growing EBITDA from depressed levels, the agency said.

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